Dubai is considered a golden land of opportunity for global investors worldwide. The various government initiatives have helped tremendously boost business in the region. There is something for every kind of entrepreneur here. One of the lucrative markets is the generic product sourcing in Dubai.
There is a lot of potential in generic product sourcing in Dubai provided you know how to go about it. As it is also true that product sourcing can be a real challenge at the same time.
In this article, we help you with tips on how to source your generic products and streamline your business operations in Dubai efficiently.
Create Value for Your Consumers
There are far too many people selling the same generic products as yours. The competition is the generic product market is typically high.
So, how does your generic product stand out in the over-saturated generic product market.
You need to be different from the rest. One of the ways you could do this is to create more value for the customer. The value can be real as well as perceived. Real value of your generic product is tied down to its quality. Make sure that you sell high-quality generic products to your consumers. Apart from the real value, you need to work on the perceived value of your generic products. One way is to build a story around your products with your consumers as an integral part of it.
Know Your Competition
Before you start product sourcing in Dubai, you must know about your competition really well. You can learn more via a simple online search, research, paid tools etc. Whatever be your method, always test the waters and know the fishes in it before you swim in it.
Consider the Practical Aspects of Your Project
Before you decide on how to do generic product sourcing in Dubai, you must check whether your idea is feasible or practical in the first place. Some of the factors that you need to take into consideration are
What is the market demand for your generic product?
How easy is to source the generic product?
Can the products be shipped easily, quickly, and cost-effectively to any location?
Ask yourself some hard questions before you source your generic products.
Choose Your Generic Product Sourcing Options
There are many ways that you can source your products.
Opt for buying discounted products online or from stores and resell them for a profit. This method is called Arbitrage.
You can also go for the Drop shipping route. Where you get the list or catalog of products from a supplier for your customers. You intimate the supplier when a customer buys a product so that they can directly ship it to the customer. So, you are like the middleman between the customer and the supplier.
Another option is Wholesale, where you can buy products in bulk directly from the supplier or manufacturer.
Finally, there’s the white labeling or private labeling method. You buy generic items from the supplier or manufacturer directly, but you sell them under your private label. You work in close quarters with manufacturers and develop your own exclusive label of generic items which gives you a distinct competitive edge in the market.
Set A Profit Margin
It’s not enough to take into consideration the feasibility of your project and product sourcing options. It’s also important that you make sure that you stand to gain out of it with a clear profit. Make an estimate of all expenses or the Cost of Goods Sold as well as the expected revenue to arrive at the profit margin. It will give you a clear picture of whether your generic product is worth sourcing and selling in the market.
The practical considerations that you factor in, your generic product sourcing, competition, and profitability are some of the elements that can help you build a solid foundation to your generic product business in Dubai.